TPR fines two schemes over chairmen's statements

"It took legal action to provide adequate clarity on the regulator’s decision-making, which was far from transparent and which reflected its views on timing of responses.

"While the judge upheld the notice, he also suggested that the regulator might ‘consider again the material procedures with regard to fully transparent review decisions’.

"We fully support the regulator’s efforts to raise standards, but the key learning from this case is that it must be clearer about its expectations and more transparent in its decision-making."

Moore Stephens Master Trust has been approached for comment.

Occupational schemes providing money purchase benefits, other than those arising from additional voluntary contributions, are required by law to prepare an annual statement, signed by the chairman of the trustees, within seven months of the end of each scheme year.

These rules were first introduced in 2015 and penalties for non-compliance range from £500-£2000.